REAL ESTATE REPORT - REDI-net.com
REAL ESTATE REPORT - REDI-net.com
REAL ESTATE REPORT - REDI-net.com
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RERC © <strong>REAL</strong> <strong>ESTATE</strong> <strong>REPORT</strong> - THE NATIONAL <strong>REAL</strong> <strong>ESTATE</strong> AUTHORITY<br />
RERC HISTORICAL CAPITALIZATION RATE AND YIELD RATES<br />
RERC Historical Required Pre-tax Yield Rates<br />
Percent<br />
10.5<br />
10.0<br />
9.5<br />
9.0<br />
8.5<br />
8.0<br />
4Q 2006<br />
1Q 2007<br />
Source: RERC, 4Q 2010.<br />
10 WWW.RERC.COM<br />
2Q 2007<br />
3Q 2007<br />
4Q 2007<br />
1Q 2008<br />
2Q 2008<br />
3Q 2008<br />
4Q 2008<br />
1Q 2009<br />
2Q 2009<br />
3Q 2009<br />
4Q 2009<br />
1Q 2010<br />
2Q 2010<br />
3Q 2010<br />
4Q 2010<br />
RERC Historical Required Going-in Capitalization Rates<br />
Percent<br />
9.0<br />
8.5<br />
8.0<br />
7.5<br />
7.0<br />
6.5<br />
6.0<br />
Source: RERC, 4Q 2010.<br />
4Q 2006<br />
1Q 2007<br />
2Q 2007<br />
3Q 2007<br />
4Q 2007<br />
1Q 2008<br />
2Q 2008<br />
3Q 2008<br />
4Q 2008<br />
1Q 2009<br />
2Q 2009<br />
3Q 2009<br />
4Q 2009<br />
1Q 2010<br />
2Q 2010<br />
3Q 2010<br />
4Q 2010<br />
10.5<br />
10.0<br />
9.5<br />
9.0<br />
8.5<br />
8.0<br />
9.0<br />
8.5<br />
8.0<br />
7.5<br />
7.0<br />
6.5<br />
6.0<br />
WINTER 2011 | VOL 39 | NO 4<br />
RERC Historical Spread Between Yield Rates and Cap Rates<br />
Basis Points<br />
185<br />
175<br />
165<br />
155<br />
145<br />
135<br />
125<br />
4Q 2006<br />
1Q 2007<br />
Source: RERC, 4Q 2010.<br />
2Q 2007<br />
3Q 2007<br />
4Q 2007<br />
1Q 2008<br />
2Q 2008<br />
3Q 2008<br />
4Q 2008<br />
1Q 2009<br />
2Q 2009<br />
3Q 2009<br />
4Q 2009<br />
1Q 2010<br />
2Q 2010<br />
3Q 2010<br />
4Q 2010<br />
RERC Historical Spread Between Required Pre-tax Yield<br />
Rates and 10-Year Treasuries<br />
Basis Points<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300<br />
Sources: RERC, Federal Reserve, 4Q 2010.<br />
4Q 2006<br />
1Q 2007<br />
2Q 2007<br />
3Q 2007<br />
4Q 2007<br />
1Q 2008<br />
2Q 2008<br />
3Q 2008<br />
4Q 2008<br />
1Q 2009<br />
2Q 2009<br />
3Q 2009<br />
4Q 2009<br />
1Q 2010<br />
2Q 2010<br />
3Q 2010<br />
4Q 2010<br />
© 2011 <strong>REAL</strong> <strong>ESTATE</strong> RESEARCH CORPORATION. ALL RIGHTS RESERVED.<br />
185<br />
175<br />
165<br />
155<br />
145<br />
135<br />
125<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300